Gold Basin Completes Resource Expansion Drill Program at Gold Basin Project, and Reports Additional Oxide Gold Intercepts from Stealth Deposit

(TheNewswire)

89.9 M @ 0.49 G/T AU FROM 73.2 M, INCL. 48.8 M @ 0.76 G/T AU FROM 96.0 M

August 20,2024 – TheNewswire - Vancouver, British Columbia: Gold Basin Resources Corporation (the "Company" or "Gold Basin") – (TSX-V GXX, OTCQB: GXXFF) today announced the completion of its Q2/Q3 resource expansion and delineation reverse-circulation (“RC”) drill program, and reported additional broad oxide gold intercepts at the Company's 100%-owned Gold Basin oxide gold project in northwestern Arizona (the "Gold Basin Project" or the "Project").

Highlights:

• RC drill program is complete, with a total 22 holes in 3,640 meters (“m”) drilled at the Stealth Deposit (“Stealth”) and Gap Zone (the “Gap”);

• Assays received for two additional holes from Stealth:

  • 89.9 m @ 0.49 g/t Au from 73.2 m (~64 m vertical) in drill hole ST24-028

    • incl. 48.8 m @ 0.76 g/t Au from 96.0 m

    • incl. 13.7 m @ 1.36 g/t Au from 131.1 m

  • 29.0 m @ 0.58 g/t Au from 94.5 m (~85 m vertical) in drill hole ST24-030

    • incl. 18.3 m @ 0.78 g/t Au

• The reported gold intercepts indicate that mineralization continues and remains open at depth, and additional drilling is warranted to further extend the mineralized envelopes;

• Reportable oxide gold intercepts to date are shallow and broad, with an average vertical depth of ~49 m to the top of mineralized zones, and an average drill interval thickness of ~91 m;

• Assays received in full for 6 holes, with results for the next 3 holes expected this week, and the remaining 13 holes within 4-6 weeks.

Colin Smith, Chief Executive Officer of the Company, commented: “The Q2/Q3 resource expansion and delineation drill program at Gold Basin concluded last week, and we continue to receive broad intervals of near-surface oxide from step-out collar locations at Stealth, with an average vertical depth of ~49 meters to the top of reportable mineralized zones, and an average drill interval thickness of ~91 meters. Consistent news flow will continue for the next 4-6 weeks, with the next results anticipated this week.”

Q2/Q3 2024 Drill Program

The Q2/Q3 2024 drill program concluded last week, with a total of 22 holes drilled in 3,640 meters (14 holes in 2,470 meters at Stealth, and 8 holes in 1,170 meters at the Gap), and an average end-of-hole (“EOH”) length of ~165 meters (Figure 1). All drill holes have been sampled and samples have been submitted to ALS Geochemistry for fire assay gold analysis.

Drill Hole ST24-028

ST24-028 tested for down-dip extensions of gold mineralization from a collar location 80 meters to the north of hole CM23-053 (drilled in 2023: 50.3 m @ 0.41 g/t Au from 27.4 m), and 70 meters to the north of hole ST22-025 (drilled in 2022: 70.1 m @ 1.00 g/ t Au from 13.7 m). A broad auriferous zone of 89.9 m @ 0.49 g/t Au from 73.2 m (~64 m vertical), including 48.8 m @ 0.76 g/t Au from 96.0 m was intercepted, indicating that mineralization continues and remains open at depth, down-dip to the north (Table 1, Figure 2).

Drill Hole ST24-030

ST24-030 tested for down-dip extensions of gold mineralization from a collar location 85 m to the north of hole ST22-021 (drilled in 2022: 47.2 m @ 1.00 g/t Au) and 65 m to the north of hole ST22-022 (drilled in 2022: 73.2 m @ 0.90 g/t Au). An auriferous intercept of 29.0 m @ 0.58 g/t Au from 94.5 m (~85 m vertical), including 18.3 m @ 0.78 g/t Au was returned (Table 1, Figure 3).

Table 1: Significant Au assay intersections received to date (Stealth drilling).

Intersection lengths are RC drilling interval lengths, and true widths are yet to be determined.

Table 2: Drill hole collar table for 2024 drill program.

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Figure 2: Cross section of drill holes ST24-028, ST22-025 (2022 Gold Basin drill hole) and CM23-053 (2023 Gold Basin drill hole). The view direction is north-northeast.

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Figure 2: Cross section of drill holes ST24-030, ST24-029, ST22-021 (2022 Gold Basin drill hole) and ST22-022 (2022 Gold Basin drill hole). The view direction is east.

Quality Control/Quality Assurance (“QA/QC”)

RC drilling samples are collected every 5 feet (1.52 m) and are reduced on-site using a triple-tier Gilson splitter, producing a ~2-3 kilogram (“kg”) assay sample and a ~3-5 kg twin sample that can be used for metallurgical testing or re-assay work. Coarse blank material and standard reference pulps are inserted into the sample stream on a 1-in-20 sample basis, and field duplicates are collected every 50 samples. Three standard reference pulps at three different gold grades are being used: 0.154 parts per million (“ppm”), 0.778 ppm, and 2.58 ppm. All 1.52 m drill intervals are monitored for recovery.

Assay samples are placed in shipping sacks together with the field inserts upon completion of each hole. After a designated number of holes are completed, all assay samples are transported in their respective shipping sacks ALS in Tucson, Arizona by a Gold Basin contractor under Chain of Custody. Prior to shipping, all samples are maintained under the direct control and supervision of the on-site geological staff.

Upon arrival in ALS Tucson, the samples are prepared using ALS codes CRU-31, SPL-31 and PUL-32 procedures (pulverize 1 kg split to 85% passing 75 microns) and fire-assayed for gold using ALS Code Au-AA25 procedure (30 gm fire assay with AA finish). ALS also inserts its own certified reference materials plus blanks and duplicates. All QA/QC results associated with the assays reported herein are within expectation.

ALS is accredited to ISO/IEC 17025:2017 standards for specific preparation and analytical procedures. For more information about ALS Geochemistry, please visit the company’s webpage at: https://www.alsglobal.com/geochemistry.

ABOUTGOLDBASINRESOURCESCORPORATION

Gold Basin Resources Corporation is advancing the 42 km2 Gold Basin Project, located in the tier one mining jurisdiction of Mohave County, Arizona. Gold Basin is accessible year-round via a 1.5-hour-drive on I-93 Highway southeast of Las Vegas, and high-power electrical lines from the Hoover Dam crosscut the southern Project area. The immediate focus of Gold Basin's highly experienced technical team is to expand and delineate multiple at-surface oxide gold deposits and prove the project's district-scale potential. For further information, please visit the Company's web site at: www.goldbasincorp.com.

QUALIFIED PERSONS

Charles Straw, BSc. Geo, a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Mr. Straw is not independent of the Company as he is an Executive Director of the Company and owns securities of the Company.

On Behalf of the Board of Directors

Colin Smith

Chief Executive Officer

For further information, please contact:

Colin Smith

Phone:1-604-499-1820

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

FORWARD-LOOKINGSTATEMENTS:

This news release contains forward-looking statements and forward-looking information (collectively, "forward looking statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, future assay results from further programs, future plans for drilling at the Stealth Deposit, the Company's expectation that it will be successful in enacting its business plans, and the anticipated business plans and timing of future activities of the Company, are forward looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "will", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "potential", "scheduled", or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that that there will be investor interest in future financings, market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration and development of the Company's projects in a timely manner, the availability of financing on suitable terms for the exploration and development of the Company's projects and the Company's ability to comply with environmental, health and safety laws.

TheCompanycautionsinvestorsthatanyforward-lookingstatementsbytheCompanyarenotguaranteesoffutureresultsorperformance,andthatactualresultsmaydiffermateriallyfromthoseinforward-lookingstatementsasaresult of various factors, including, operating and technical difficulties in connection with mineral exploration anddevelopmentactivities,actualresultsofexplorationactivities,theestimationorrealizationofmineralreservesandmineral resources, the inability of the Company to obtain the necessary financing required to conduct its businessand affairs, as currently contemplated, the timing and amount of estimated futureproduction, the costs ofproduction, capital expenditures, the costs and timing of the development of new deposits, requirements foradditionalcapital,futurepricesofpreciousmetals,changesingeneraleconomicconditions,changesinthefinancialmarkets and in the demand and market price for commodities, lack of investor interest in future financings,accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals,permits or financing or in the completion of development or construction activities, risks relating to epidemics orpandemicssuchasCOVID–19,includingtheimpactofCOVID–19ontheCompany'sbusiness,financialconditionandresults of operations, changes in laws, regulations and policies affecting mining operations, title disputes, theinability of the Company to obtain any necessary permits, consents, approvals or authorizations, including by theTSX VentureExchange,thetimingandpossibleoutcomeofanypendinglitigation,environmentalissuesandliabilities,andrisksrelatedtojointventureoperations,andotherrisksanduncertaintiesdisclosedintheCompany'slatest Management's Discussion and Analysis and filed with certain securities commissions in Canada. All of theCompany'sCanadianpublicdisclosurefilingsmaybeaccessedviawww.sedar.comandreadersareurgedtoreviewthesematerials.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes noobligation to update any of the forward-looking statements in this news release or incorporated by referenceherein,except as otherwise requiredbylaw.

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